Swedbank AB Purchases Shares of 214,877 The PNC Financial Services Group, Inc. (NYSE:PNC)

Swedbank AB purchased a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC) in the first quarter, Holdings Channel.com reports. The institutional investor purchased 214,877 shares of the financial services provider’s stock, valued at approximately $34,724,000.

A number of other large investors also recently bought and sold shares of the stock. Sanibel Captiva Trust Company Inc. grew its holdings in The PNC Financial Services Group by 15.2% in the 1st quarter. Sanibel Captiva Trust Company Inc. now owns 19,190 shares of the financial services provider’s stock valued at $3,101,000 after buying an additional 2,532 shares in the last quarter. LRI Investments LLC acquired a new position in shares of The PNC Financial Services Group in the 1st quarter valued at $28,000. New Covenant Trust Company N.A. acquired a new position in shares of The PNC Financial Services Group in the 1st quarter valued at $52,000. Plato Investment Management Ltd lifted its stake in shares of The PNC Financial Services Group by 7,391.6% in the 1st quarter. Plato Investment Management Ltd now owns 8,016 shares of the financial services provider’s stock valued at $1,295,000 after purchasing an additional 7,909 shares during the last quarter. Finally, Western Pacific Wealth Management LP lifted its stake in shares of The PNC Financial Services Group by 20.8% in the 1st quarter. Western Pacific Wealth Management LP now owns 621 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 107 shares during the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Down 3.4 %

The PNC Financial Services Group stock opened at $170.00 on Friday. The stock has a market capitalization of $67.64 billion, a price-to-earnings ratio of 14.27, a PEG ratio of 2.26 and a beta of 1.15. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.36. The stock has a 50 day moving average of $162.13 and a two-hundred day moving average of $155.99. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $182.84.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.00 by $0.30. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.40 billion. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.36 earnings per share. As a group, research analysts expect that The PNC Financial Services Group, Inc. will post 13.02 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Monday, July 15th will be issued a $1.60 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.76%. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s payout ratio is presently 53.74%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PNC. Citigroup increased their target price on The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Jefferies Financial Group increased their target price on The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Royal Bank of Canada increased their price target on The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Morgan Stanley increased their price target on The PNC Financial Services Group from $165.00 to $177.00 and gave the company an “underweight” rating in a research report on Tuesday. Finally, Barclays increased their price target on The PNC Financial Services Group from $199.00 to $209.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Hold” and a consensus target price of $176.09.

Insider Activity

In related news, President Michael P. Lyons sold 11,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total value of $1,997,380.00. Following the sale, the president now directly owns 199,095 shares in the company, valued at $36,151,670.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, President Michael P. Lyons sold 11,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total value of $1,997,380.00. Following the sale, the president now directly owns 199,095 shares in the company, valued at $36,151,670.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $153.19, for a total value of $98,194.79. Following the completion of the sale, the chief executive officer now owns 568,323 shares in the company, valued at $87,061,400.37. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,903 shares of company stock valued at $3,463,786. Company insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.